2017 Tax Reform - Pay Attention, Please
Tax Reform: Let’s all please pay attention and work hard to understand what they are proposing. If they do it in the dark without hearings and openness and verification of figures and clear statement of functions, we are going to be flimflammed big time.
Tax Reform, what a subject and we are really in need of some ground truth. Let’s say, everyone who reports their pay through payroll, you know the statement we get with our pay and withholding detailed. Taxes are withheld, Medicare/SS/Medicaid, etc. Okay, the government IRS has all that info and based on that can, and should be able to figure our individual taxes for 70% plus of wage earners who do not have deductions, just eligible for standard deduction, and even those with home loan interest could be factored without anyone filing or needing to use accountant. The IRS just bills you if you owe more than you withheld or sends you a rebate. This would eliminate the billions spent on our current filing system, time wasted fixing and fussing and put more money into going after cheats and doing audits on those who choose to file with schedules.
The new tax plan is going to bring out the special interests and lobbyists in force, an ARMY of them trying to preserve all the millions of exemptions and offsets and special tax loopholes.
Set the tax rates, accommodate those who do not have a living wage but still report and pay their withholding and Medicare/Medicaid/SS withholding. Count everything that is received in any form as income and taxable, do not preserve special categories and circumstances for the wealthy and various financial institutions, if it is received in your bank from your trust fund etc. you count it as income and pay tax on it. There a lots of ways to streamline and get plenty of tax money on a fair basis for all Americans. Everyone has to pay for SS/Medicare/Medicaid even those of us on Medicare pay monthly for Part B and any supplement (except Tricare for Life which is no cost but DOD is trying to change that). Might as well elevate Medicare/Medicaid on a sliding scale based on income and use it to fund single-payer healthcare for everyone! Citizens, federal employees, state and city employees, small and large businesses and industries, the military, all would be covered, even Congress! It could be done and should be done and managed smartly and transparently, easy-peasy. Just a start that should make it fairer for all.
Tax Reform, what a subject and we are really in need of some ground truth. Let’s say, everyone who reports their pay through payroll, you know the statement we get with our pay and withholding detailed. Taxes are withheld, Medicare/SS/Medicaid, etc. Okay, the government IRS has all that info and based on that can, and should be able to figure our individual taxes for 70% plus of wage earners who do not have deductions, just eligible for standard deduction, and even those with home loan interest could be factored without anyone filing or needing to use accountant. The IRS just bills you if you owe more than you withheld or sends you a rebate. This would eliminate the billions spent on our current filing system, time wasted fixing and fussing and put more money into going after cheats and doing audits on those who choose to file with schedules.
The new tax plan is going to bring out the special interests and lobbyists in force, an ARMY of them trying to preserve all the millions of exemptions and offsets and special tax loopholes.
Set the tax rates, accommodate those who do not have a living wage but still report and pay their withholding and Medicare/Medicaid/SS withholding. Count everything that is received in any form as income and taxable, do not preserve special categories and circumstances for the wealthy and various financial institutions, if it is received in your bank from your trust fund etc. you count it as income and pay tax on it. There a lots of ways to streamline and get plenty of tax money on a fair basis for all Americans. Everyone has to pay for SS/Medicare/Medicaid even those of us on Medicare pay monthly for Part B and any supplement (except Tricare for Life which is no cost but DOD is trying to change that). Might as well elevate Medicare/Medicaid on a sliding scale based on income and use it to fund single-payer healthcare for everyone! Citizens, federal employees, state and city employees, small and large businesses and industries, the military, all would be covered, even Congress! It could be done and should be done and managed smartly and transparently, easy-peasy. Just a start that should make it fairer for all.
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